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Northern Rock: the crisis of a UK mortgage lender

Author

Listed:
  • Maria Cristina Ungureanu
  • Vasile Cocris

    (Faculty of Economics and Business Administration, “Al.I.Cuza University” of Iasi, Romania)

Abstract

The global market liquidity squeeze for securities that initiated in 2007 has increased pressure among banks to sell, pushed down prices, and impacted the market for interbank loans, leading to a funding gap at Northern Rock, Britain’s fifth largest mortgage bank. This paper presents an analysis of the events that lead to the collapse of Northern Rock in the second half of 2007 and its rescue by the UK Government towards the end of the same year and the beginning of 2008. The paper presents the implications and banking reforms proposed by the UK financial authorities.

Suggested Citation

  • Maria Cristina Ungureanu & Vasile Cocris, 2008. "Northern Rock: the crisis of a UK mortgage lender," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 55, pages 154-162, November.
    • Handle: RePEc:aic:journl:y:2008:v:55:p:154-162
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    Keywords

    mortgage bank; market liquidity; banking reforms; financial authorities; financial crisis;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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